芳源股份首次减持回购股份，公司业绩大幅亏损负债率超85%！

Core Viewpoint - Fangyuan Co., Ltd. is facing significant challenges, including continuous losses, rising debt levels, and shareholder reductions, which raise concerns about the company's future operations and the protection of minority shareholders' interests [1][4][6]. Group 1: Share Buyback and Shareholder Actions - On September 8, 2025, Fangyuan Co., Ltd. reduced its repurchased shares by 610,000 shares, accounting for 0.12% of the total share capital, generating approximately 3.81 million yuan [2]. - The company plans to reduce up to 3.32 million shares (0.65% of total share capital) within three months, with proceeds aimed at supplementing daily operational liquidity [2][3]. - As of September 8, the number of shares held in the repurchase account decreased from 23.78 million to 23.17 million, with the holding percentage dropping from 4.66% to 4.54% [2]. Group 2: Financial Performance and Debt Levels - Fangyuan Co., Ltd. reported a revenue of 900 million yuan for the first half of 2025, a year-on-year decrease of 13.48%, with a net loss of 149 million yuan, a decline of 124.85% [4]. - The company has incurred losses for two and a half consecutive years, with cumulative losses since its IPO exceeding 959 million yuan, surpassing the total amount raised during its IPO and convertible bond issuance [4][5]. - As of mid-2025, the company's debt-to-asset ratio reached 85.2%, indicating severe debt pressure and short-term repayment risks [5]. Group 3: Product Performance and Future Strategies - Fangyuan Co., Ltd. specializes in lithium battery materials, with significant revenue contributions from sulfate (46.96%), precursor materials (29.77%), and lithium carbonate (14.07%) [6]. - The company reported a negative gross margin of -2.87% and a net margin of -16.58% for the first half of 2025, with specific product margins showing concerning figures, such as -17.84% for lithium carbonate [6]. - To address its debt issues, the company plans to promote the conversion of convertible bonds into shares and aims to improve operational performance, with hopes for a potential industry turnaround [6][7].